Akfen Gayrimenkul Yatirim Ortakligi AS Cash Flow Conversion Efficiency

Akfen Real Estate Investment Trust Inc. (the Company or Akfen GYO) was formed through the rebranding, transformation, and restructuring of Aksel Tourism Investments and Management Inc. (Aksel) into a real estate investment trust. Aksel was initially established on June 25, 1997, as a partnership between Hamdi Akin and Yüksel Construction Inc. to invest in the domestic tourism sector. Subsequently, Yüksel Construction Inc.'s shares were acquired by Akfen Holding Inc. (Akfen Holding) in 2006, and the Company became a subsidiary of Akfen Holding. The restructuring was finalized with the Company's conversion into a Real Estate Investment Trust on August 25, 2006, by the Capital Markets Board (CMB), with its decision numbered 31/894, dated July 14, 2006, following the Board of Directors' decision dated April 25, 2006. The adoption of the Real Estate Investment Trust title and the change in its field of activity were published in the Trade Registry Gazette on August 31, 2006. On August 6, 2018, 1,000 Group A and 1,000 Group D preferred shares of Akfen GYO owned by Akfen Holding were transferred to Hamdi Akin, who is the indirect ultimate owner of the management control of these shares. The Company's main field of activity is to invest in real estate-based capital market instruments, to create and develop a real estate portfolio, and to engage in the written objectives and subjects described in Articles 5, 23, and 25 of the CMB's Communiqué on Principles Regarding Real Estate Investment Trusts (Series III, No: 48.1). In 2005, the Company signed a framework agreement with ACCOR SA, one of the world's leading hotel chains, to develop hotel projects in Türkiye under the Novotel and Ibis Hotel brands. The Company primarily develops hotel projects under the Novotel and Ibis Hotel brands and operates under the auspices of Tamaris Turizm A.S., a 100% subsidiary of ACCOR SA in Türkiye. ("Tamaris"). The Company was listed on Borsa Istanbul (BIST) on 11 May 2011.